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Confirmation hearing report for planning and budget minister nominee approved

Published: 24 Mar. 2026, 18:34

Park Hong-keun, nominee for minister of planning and budget, speaks during a confirmation hearing at the National Assembly in Yeouido, western Seoul, on March 23. [NEWS1]

Lawmakers approved a confirmation hearing report for Park Hong-keun, nominee for minister of planning and budget, on Tuesday, clearing the way for his appointment after a monthslong vacancy following his predecessor’s failed nomination.

The National Assembly’s Finance, Economy, Planning and Budget Committee passed the report during a plenary session on Tuesday, just one day after the confirmation hearing. Lawmakers from both the Democratic Party (DP) and main opposition People Power Party (PPP) gave generally positive assessments of Park’s experience in budgeting and fiscal policy as well as his policy direction.

Park, a four-term lawmaker, served as DP floor leader and held key roles on the National Assembly’s Special Committee on Budget and Accounts, including chair and secretary.

He also helped design state policy as head of a division under the Presidential Committee on Policy Planning, which outlined the Lee Jae Myung administration’s agenda.

The Ministry of Planning and Budget launched on Jan. 2 after the government divided the Ministry of Economy and Finance into two bodies: the Ministry of Planning and Budget and the Ministry of Finance and Economy.

Park Hong-keun, nominee for minister of planning and budget, speaks during a confirmation hearing at the National Assembly in Yeouido, western Seoul, on March 23. [NEWS1]

Park’s nomination came after President Lee withdrew Lee Hye-hoon’s nomination over allegations raised during her confirmation hearing, including using unfair means to secure apartment units, speculative investment in real estate, abusive behavior toward aides and questions over her children’s employment and military service benefits.

The position remained vacant for months after President Lee withdrew her nomination. He nominated Park on March 2.

During the confirmation hearing on Monday, Rep. Lee In-seon of the PPP noted that there were few concerns about Park’s personal finances compared to past nominees.

“There have been many disputes over how candidates accumulated their wealth during past hearings, but Park seems to have lived modestly despite serving four terms, so there is little to question,” Lee said.

Lawmakers approve a confirmation hearing report for Park Hong-keun, nominee for minister of planning and budget, during a plenary session of the National Assembly’s Finance, Economy, Planning and Budget Committee in Yeouido, western Seoul, on March 24. [YONHAP]

Park reported total assets worth about 623 million won ($416,000) under his name and those of his family members, as nominees for Cabinet posts must disclose their assets as part of the confirmation process.

Under his own name, he reported assets worth about 257 million won, including half of an apartment owned with his wife in Jungnang District, eastern Seoul, valued at 136.5 million won, a deposit of 40 million won for an office in the same area, bank deposits worth about 62 million won and political funds of about 19 million won.

His spouse reported assets worth about 329 million won, including her half of their apartment, deposits of about 179 million won and debt of about 3.8 million won.

Park’s mother reported assets worth about 28.6 million won, including a house in Goheung County, South Jeolla, valued at 22.2 million won, farmland measuring 248 square meters (2,670 square feet) worth about 2 million won and forest land measuring 1,896 square meters worth about 3.5 million won. Park’s eldest daughter reported deposits worth about 7.6 million won.

With the report approved, President Lee is expected to appoint Park as minister soon.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY CHO MUN-GYU [[email protected]]